MANAMA: The Kingdom of Bahrain’s stringent regulations have provided a strong foundation to the real estate sector which continues to show resilience despite challenging economic climate.
This came as H.E Shaikh Khalid bin Abdulla Al Khalifa, Deputy Prime Minister, Kingdom of Bahrain on Thursday opened the 9th Bahrain International Property Exhibition and Forum, BIPEX 2016, at the Bahrain International & Convention Centre.
HE Shaikh Khalid applauded the Bahrain Society of Engineers for hosting the non-profit property expo BIPEX 2016 which according to an estimate has attracted over $60 billion worth of ongoing real estate development projects from across the region.
“The Kingdom of Bahrain’s property sector has shown resilience over past many years and this year despite challenging economic climate across the region, all mega real estate projects are participating in BIPEX 2016,” HE said.
BIPEX, run by engineering professionals on a voluntary basis, is a crucial event in the realty sector’s annual calendar. This event is seen as a catalyst for inward investment flows into Bahrain, amongst providing many other related benefits to the economy of Bahrain.
“All economic indicators show uncertainty but keeping in view the previous economic upheavals, the real estate sector is 1st to benefit in such economic climate,” Majid Al Khan, the CEO at the GFH Real Estate, the realty business arm of the GFH Group, said.
In real estate sector, he said, you need to be innovative and come up with some very eye catching projects to attract buyers. “Despite oil prices slump, there is a liquidity in the market as investors prefer to invest in real estate in a time of economic uncertainty,” he added.
BIPEX is the Kingdom’s pioneering property show that has been serving the community over the past many years. Last year BIPEX highlighted real estate assets worth US$60 billion, as compared with the figure of US$52 billion in its previous show.
The organisers terms BIPEX as perfect stage for investors, builders and buyers to discuss the difficulties facing the industry. It also provides analysis that result in timely solutions and suggestions for a more profitable future. At the same time, developers get a golden opportunity to weigh the demand and provide finance, legal norms, taxation and returns on investment information to buyers.
BIPEX is a non-profit event organized by the Bahrain Society of Engineers and is led by an organizing committee of industry professionals.